On August 16, 2022, Terrance John “TJ” Cox, 59, was charged with dozens of fraud, wire laundering and campaign contribution fraud. Cox was a failed democratic congressmen, who lost his race. He created an elaborate scheme to defraud the public of $1.7 million. Cox faces up to fifty years in prison and dozens of fines.
Cox used a series of fake bank accounts to defraud several businesses large sums of money. The Democrat flagrantly lied in order to secure a massive real estate loan. However, his lawyer says that Cox is merely understood and remains a good person despite his historic theft.
A press release from the Department of Justice (DOJ) explained the details of the case. According to the DOJ, “Terrance John “TJ” Cox, 59, of Fresno, is charged with 15 counts of wire fraud, 11 counts of money laundering, one count of financial institution fraud, and one count of campaign contribution fraud…Cox perpetrated multiple fraud schemes targeting companies he was affiliated with and their clients and vendors.”
According to the same document, the failed politician created an elaborate web of fraud. The document said, “Cox created unauthorized off-the-books bank accounts and diverted client and company money into those accounts through false representations, pretenses and promises. From 2013 to 2018, across two different fraud schemes, Cox illicitly obtained over $1.7 million in diverted client payments and company loans and investments he solicited and then stole.”
The DOJ wrote how, “Cox also fraudulently obtained a $1.5 million construction loan to develop the recreation area in Fresno known as Granite Park. Cox and his business partner’s nonprofit could not qualify for the construction loan without a financially viable party guaranteeing the loan. Cox falsely represented that one of his affiliated companies would guarantee the loan, and submitted a fabricated board resolution which falsely stated that at a meeting on a given date all company owners agreed to guarantee the Granite Park loan. No meeting took place, and the other owners did not agree to back the loan. The loan later went into default causing a loss of more than $1.28 million.”
The press release also explains how he carried this pattern of crime to his political career. The DOJ wrote, “According to allegations in the indictment, when Cox was a candidate for the U.S. House of Representatives in the 2018 election, he perpetrated a scheme to fund and reimburse family members and associates for donations to his campaign. Cox arranged for over $25,000 in illegal straw or conduit donations to his campaign in 2017.”
The document also explained the sentencing. The DOJ wrote, “If convicted, Cox faces a maximum statutory penalty of 20 years in prison and a $250,000 fine for wire fraud and money laundering. He faces a maximum statutory penalty of 30 years in prison and a $1 million fine for wire fraud affecting a financial institution and financial institution fraud. He faces a maximum statutory penalty of five years in prison and a $250,000 fine for campaign contribution fraud. ”
"*" indicates required fields
Mark Coleman, the defense lawyer, issued a statement. He said, “TJ is a wonderful person who has done a lot of good for this community. Unfortunately, he got into a situation in which he made some decisions that he should not have made in this matte. He diverted money that was intended for another purpose to keep companies alive, and he is now taking responsibility for this behavior.”